November 2020 Real Estate Review:
Saskatoons Real Estate market sees steady demand for housing but with limited inventory levels for the month of November.
Once again the sale volume sees a substantial increase. We are up 44.3% over last November and the year to date is up 21.8%. The number of sales saw a major increase of 47.3% compared to last November and are up 17.2% for the year. New listings continue to decline. They are down 6% compared to last November while the year to date is down 3.7%.
The sales price was also down 3.8% compared to last November and up 3.6% for the year. As we see inventory levels decrease it means this seller’s market will most likely continue well into 2021.
Even though sales are up each month we are starting to see things slow down a touch as inventory levels keep declining. Many families are still actively looking to move as their lifestyles have changed with Covid-19 but have some concerns about selling at this time. The most common concern is about selling their current home and not being able to find a suitable home to meet their needs in the timelines of a typical possession.
This is a tough decision as moving is a lot of work but potentially doing it twice with a family is sometimes overwhelming. On the positive side, if these families can sell early in the new year to take advantage of these prices then they will be ready to act on the new listing coming in Spring.
As always, in any market, we can help!
When selling your home it is crucial to price at market value and have your home ready to show. The proper decluttering, staging, professional photographer, and marketing is also a must in our current market to help buyers see value.